This excerpt taken from the VZ 8-K filed Jan 26, 2010.
Revenue and Cash Flow Growth
In the fourth quarter 2009, Verizons total operating revenues grew 9.9 percent to $27.1 billion, compared with the fourth quarter 2008. This includes revenues from Alltel, which Verizon acquired in January 2009. On a pro forma basis (consolidating the operating results of Verizon and the former Alltel as though the acquisition had occurred on Jan. 1, 2008), fourth-quarter 2009 operating revenue growth was 0.2 percent, compared with the fourth quarter 2008.
For 2009, annual operating revenues totaled $107.8 billion, an increase of 10.7 percent from 2008 on a reported basis and 1.5 percent on a pro forma basis.
Cash flow from operations totaled $31.6 billion in 2009, up 14.5 percent, or $4.0 billion, from 2008. Free cash flow (non-GAAP; cash flow from operations less capital expenditures) totaled $14.5 billion in 2009, up $4.2 billion from 2008. Verizons capital expenditures were $17.0 billion in 2009, compared with $17.2 billion in 2008.